Congressman McGovern Announces New Aid to Help Massachusetts Small Businesses Impacted by Record-Breaking Winter

Washington, DC, May 18, 2015

Congressman Jim McGovern (MA-02) today announced that low-interest economic injury disaster loans from the U.S. Small Business Administration (SBA) will be available to Massachusetts small businesses, small agricultural cooperatives, small aquaculture businesses and private non-profit organizations affected by the record-breaking snowfall and extreme cold temperatures between Jan. 26, 2015 and Feb. 22, 2015.  

SBA Administrator Maria Contreras-Sweet made the loans available following a disaster declaration request from Massachusetts Gov. Charles D. Baker on May 12. The declaration covers Worcester, Barnstable, Bristol, Essex, and Suffolk, and the adjacent counties of Middlesex, Norfolk, and Plymouth.

“In Massachusetts, we faced one our harshest winters this year and many small businesses were impacted. These loans will provide much-needed relief to Massachusetts small business owners in Worcester and across the Commonwealth,” Congressman McGovern said. “Thanks to the leadership of SBA Administrator Maria Contreras-Sweet and this administration, our businesses will get the help they need to recover and continue to be the engines of economic growth our communities need.”

Eligible entities may qualify for loans up to $2 million.  The SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  The rates on these loans are 4.00 percent for small businesses and 2.625 percent for non-profit organizations with terms up to 30 years.  The SBA determines eligibility for the loans based on the size and type of business and its financial resources. 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Applications and program information are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to disastercustomerservice@sba.gov. Loan applications can also be downloaded from the SBA’s website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth,
TX 76155. For more info about SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.

The deadline to return economic injury applications is February 15, 2016.

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